SEC Charges Lordstown Motors with Misleading Investors about Company's Flagship Electric Vehicle
Company's former auditor charged with violating auditor independence standards
- Washington, D.C.--(Newsfile Corp. - February 29, 2024) - The Securities and Exchange Commission today charged Lordstown Motors Corp. with misleading investors about the sales prospects of Lordstown’s flagship electric pickup truck, the Endurance.
- Lordstown, which filed for bankruptcy in 2023, went public by merging with a special purpose acquisition company (SPAC) in 2020.
- The SEC also instituted a related, settled administrative proceeding against Lordstown’s former auditor, Clark Schaefer Hackett and Co. (CSH).
- CSH provided certain non-audit services, including bookkeeping and financial statement services, to Lordstown during CSH’s audit of the company’s financial statements when it was a private entity.